Area real estate median price up 5.3% from a year ago
Date: November 10, 2014 02:34PM
Washington's housing market is still trailing year-ago performance, but sales picked up in October from the previous month, and the median selling price in the Washington metro was the highest October-level in nine years.
Listing service MRIS' monthly RealEstate Business Intelligence Report says the median price of a closed sale in October was $400,000, up 2.6 percent from September, and the highest October price since 2005. It was also the highest year-over-year percent increase in eight months, up 5.3% from a year ago.
Pending sales metro-wide were up 4.6 percent from September. The number of new listings was down 12.7 percent.
Compared to a year ago, the number of closed sales in the Washington region was down 2.8 percent. MRIS says that was driven entirely by a decrease in distressed property sales, including foreclosures and short sales. The number of distressed sales in October was down 21.5 percent from a year ago.
While there are pricier neighborhoods in Washington, Falls Church City continues to lead median prices by jurisdiction, at $615,000 last month, up 4.2 percent from a year earlier.